Shake Shack on Wednesday reported fourth-quarter earnings that were in line with expectations, but same-store sales that missed forecasts.
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Shake Shack slides after same-store sales miss (SHAK)
Sales at stores open for at least one year increased by 1.6%, lower than the forecast for 2.9%.
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Adjusted earnings per share came in at $0.09, matching the Bloomberg consensus.
Sales at stores open for at least two years — what the burger chain calls same-Shack sales — increased by 1.6%. That was lower than the forecast for 2.9%, and slower than the 11% pace recorded a year earlier.
Total revenue was $73.3 million, higher than the forecast for $70.68 million.
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Shake Shack said its operating profit margins fell after a company-wide raise to the starting hourly wage.
Shake Shack shares fell by as much as 3% in after-hours trading. It fell 10% in the year through Wednesday's market close.
More to come ...
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